General Motors, the US car maker, has sold a 60% stake in its commercial mortgage arm to a private equity consortium comprising US buyout firms Kohlberg Kravis Roberts, Five Mile Capital Partners and Goldman Sachs Capital Partners.

The business is thought to be worth between $2bn (€1.6bn) and $3bn, and the stake $1.2bn to $1.8bn, according to analysts at Dresdner Kleinwort Wasserstein.